Pinewood Technologies Group PLC - Birmingham, England-based software firm specialising in automotive retail solutions - Announces a $4.2 million strategic investment in automotive artificial intelligence firm Seez App Holding Ltd. The agreement to invest in Seez, which also offers a suite of e-commerce and omnichannel products to dealerships, has been agreed as part of a minority funding round. Seez currently has a presence in 16 markets and existing global partnerships with a strong pipeline for further growth. Pinewood will enter a commercial partnership with Seez to improve its product offering with exclusive distribution rights over Seez products in the US ahead of Pinewood’s forthcoming expansion into the US market.

Chief Executive Officer Bill Berman says: ‘This is a unique opportunity for us to further enhance our industry leading SaaS offering in the automotive retail market. Seez is an outstanding business that offers sophisticated, AI-powered products to the automotive sector and this investment offers compelling commercial and operational benefits for Pinewood. We are looking forward to partnering with Seez and are excited about the future opportunities with their comprehensive AI product suite.’

Current stock price: 342.00 pence, down 0.9% on Wednesday afternoon

12-month change: down 8.4%

Copyright 2024 Alliance News Ltd. All Rights Reserved.